topic Re: US Bank fined for sham accounts in Credit in the News

US Bank fined for sham accounts

NoMoreE46 — Fri, 29 Jul 2022 03:48:05 GMT

https://www.consumerfinance.gov/about-us/newsroom/cfpb-fines-us-bank-37-5-million-for-illegally-exploiting-personal-data-to-open-sham-accounts-for-unsuspecting-customers/

Re: US Bank fined for sham accounts

ISOgoodTacos — Fri, 29 Jul 2022 05:49:01 GMT

They must have missed the memo detailing Wells Fargo's success with that tactic.

@NoMoreE46 wrote:
https://www.consumerfinance.gov/about-us/newsroom/cfpb-fines-us-bank-37-5-million-for-illegally-exploiting-personal-data-to-open-sham-accounts-for-unsuspecting-customers/

Re: US Bank fined for sham accounts

Who_wuda_thought — Fri, 29 Jul 2022 05:49:07 GMT

Wow. Just.... wow. 😳

Re: US Bank fined for sham accounts

Anonymalous — Fri, 29 Jul 2022 07:06:33 GMT

$37.5 million fine / $559 billion in assets = 0.00007

Median income in the US is ~$44,000 x 0.00007 = $2.95

The fine is equivalent to an ordinary person buying a cup of coffee.

Re: US Bank fined for sham accounts

NoMoreE46 — Fri, 29 Jul 2022 13:00:11 GMT

I am hoping to find out how many of it's customers had been taken advantage of by US Bank for those 5 years.

Re: US Bank fined for sham accounts

RedundantCredit — Fri, 29 Jul 2022 16:34:38 GMT

Reports like these make me question whether I should ever get one of their cards which is unfortunate because their Cash+ has really interesting categories.

Re: US Bank fined for sham accounts

CreditCuriosity — Fri, 29 Jul 2022 16:50:24 GMT

Long ways to catch up to good ole wells about a few more dozen scandals. With that said all banks domestic and international will get away with anything they can and a small fine is nothing to most of them as profit way exceed the penalities.

Re: US Bank fined for sham accounts

Remedios — Fri, 29 Jul 2022 19:23:40 GMT

Don't forget about BoA and Amex being fined for the same behavior.

No matter what regulations are put in place, as long as employees jobs are somewhat dependent on sales goals, this will always happen.

I guess telling employees "sell or else" is a lot cheaper than marketing campaigns, engaging customers with non shady practices, or putting out really great products that speak for themselves.

The list of banking scandals isn't exclusive to big evil banks, anyone with webz access is free to look up fines everyone's darling NFCU had to pay up to date.

Or Barclay.

Or Chase.

Goldman Sachs

Mellon Bank

HSBC

And so on...

Re: US Bank fined for sham accounts

tricie17 — Fri, 29 Jul 2022 23:18:45 GMT

Big greed on the rise.

Re: US Bank fined for sham accounts

AndySoCal — Mon, 01 Aug 2022 02:18:03 GMT

@NoMoreE46

Here is an article that includes more information

https://news.yahoo.com/u-bank-fined-37-5m-112559900.html

The fine closes a 5 year investigation dating back 2016. Secondly US Bank has made the necessary corrections

Re: US Bank fined for sham accounts

link — Tue, 02 Aug 2022 23:13:06 GMT

@Remedios wrote:
Don't forget about BoA and Amex being fined for the same behavior.
No matter what regulations are put in place, as long as employees jobs are somewhat dependent on sales goals, this will always happen.
I guess telling employees "sell or else" is a lot cheaper than marketing campaigns, engaging customers with non shady practices, or putting out really great products that speak for themselves.

The list of banking scandals isn't exclusive to big evil banks, anyone with webz access is free to look up fines everyone's darling NFCU had to pay up to date.
Or Barclay.
Or Chase.
Goldman Sachs
Mellon Bank
HSBC
And so on...

False, regarding Amex. You are free to dislike Amex. But let's adhere to facts.

They were not fined for the "same thing ".

Re: US Bank fined for sham accounts

AndySoCal — Wed, 03 Aug 2022 23:25:14 GMT

@Remedios @NoMoreE46

I presume the and so on must include Captial One

Data breach - no was

https://abcnews.go.com/Business/wireStory/capital-fined-80-million-data-breach-72225082

Anti Money Laundering efforts

https://www.investopedia.com/capital-one-fined-millions-for-ineffective-money-laundering-protections-5097168

Just search Captial One fined you will come up with a good list

Re: US Bank fined for sham accounts

Remedios — Thu, 04 Aug 2022 00:38:10 GMT

@link wrote:
@Remedios wrote:
Don't forget about BoA and Amex being fined for the same behavior.
No matter what regulations are put in place, as long as employees jobs are somewhat dependent on sales goals, this will always happen.
I guess telling employees "sell or else" is a lot cheaper than marketing campaigns, engaging customers with non shady practices, or putting out really great products that speak for themselves.

The list of banking scandals isn't exclusive to big evil banks, anyone with webz access is free to look up fines everyone's darling NFCU had to pay up to date.
Or Barclay.
Or Chase.
Goldman Sachs
Mellon Bank
HSBC
And so on...

False, regarding Amex. You are free to dislike Amex. But let's adhere to facts.

They were not fined for the "same thing ".

Investigation in process

https://www.businessinsider.com/american-express-employees-small-business-card-sales-2020-3

Research, it's always your friend if adherence to the facts is desired outcome.

Also, for someone who just made an account, you sure seem to think you know who I like and who I don't like.

I like Amex, they make me money.